Research shows that unsecured credit is highly in demand, and almost everyone is availing it on a daily basis. The main features of unsecured loans are:
No collateral compulsion No prolonged official procedures No immediate risks
Unsecured loans, as the name suggests, can be availed without collateral, i.e., the loan seeker need not offer a valuable asset (like home) to avail credit assistance. This is the most important feature of this loan option. Hence, unsecured credit is ideal for those loan seekers who:
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Have nothing valuable to pledge as collateral against the loan amount (tenants and students) Are reluctant to get into property related legalities and risk their valuables (homeowners and property owners)
When collateral is a part of a loan deal, the approval process always begins with property assessment procedure. However, approval of unsecured loans depends on the loan seekers recent fiscal consistency only. Hence, this loan alternative is ideal for those loan seekers who:
Cannot afford to get into lengthy evaluation procedures because the requirement is urgent Do not wish to get into property related legalities and risk their asset for a small amount
In case of a secured loan deal, the borrower faces the risk of losing his pledged collateral, in an event of repeated defaults or non-repayment. However, in an unsecured loan deal, the risk of collateral seizure is not there. The only thing the lender can do is, take legal action. This is when the County Court Judgement comes into the picture, which decides the reason of default and passes a suitable judgement.
Unsecured loans permit the borrower immediate access to cash by just filling a simple demand form. This loan type is usually favoured to deal with provisional credit requirements like card bills, medical urgencies, social requisites, vacation plans, holiday season expenses, home repairs, home appliances and many more.
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